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The net profit of the electric appliances company V-Guard Industries Ltd was lower by 18 per cent at ₹38.18 crore in Q2 of FY19, as compared to ₹46.50 crore in the corresponding period of the previous fiscal.
According to Mithun K Chittilappilly, Managing Director, V-Guard, the performance during the quarter was impacted by the floods in Kerala and unfavourable weather conditions elsewhere in the country. There is also a transitory impact on margins caused by volatility in commodity prices and the rupee depreciation.
However, revenue for the quarter grew by 6 per cent on a high base, as the corresponding quarter of last year had the recovery post GST roll-out. Yet, on a year-to-date basis, the like-for-like turnover growth has been at 12 per cent, he said.
“We continue to make progress in the non-South markets, and we plan to extend our new products into further markets in the second half of the year. We are hopeful of recovering a part of the topline growth in the coming months. Some pricing actions are being planned to recover the impact of input cost increases”, he said.
The net revenue from operations for the quarter stood at ₹597.58 crore, as compared to ₹563.89 crore in the same period of previous year. For the half year ending September 30, the figure stood at ₹1,232.47 crore, as compared to ₹1,132.96 crore.
The profit after tax for the half year stood at ₹72.58 crore, as compared to ₹69.75 crore in the same period of previous year.
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